Oceaneering International (NYSE:OII) Downgraded by Zacks Research to Hold

Key Points

• Zacks Research downgraded Oceaneering International from a "strong‑buy" to a "hold"; the stock's consensus is an average rating of Hold with an average target price of $30.33.
• OII reported quarterly EPS of $0.45, beating estimates by $0.01 while revenue of $668.6M missed expectations and declined 6.3% year‑over‑year; the company has a market cap of $3.4B and a P/E of 9.77.
• Company insiders sold 140,844 shares worth about $4.97M over the last three months (including sales by a director and the COO), while institutional investors hold roughly 93.93% of the stock, led by Vanguard and other large funds.

Oceaneering International (NYSE:OII - Get Free Report) was downgraded by analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

OII has been the topic of several other reports. Weiss Ratings raised Oceaneering International from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, February 23rd. Barclays raised their price target on Oceaneering International from $23.00 to $32.00 and gave the company an "equal weight" rating in a research note on Monday, February 23rd. TD Cowen increased their price target on Oceaneering International from $28.00 to $34.00 and gave the company a "hold" rating in a research note on Tuesday. Finally, Wall Street Zen cut Oceaneering International from a "buy" rating to a "hold" rating in a report on Sunday, March 1st. One equities research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $30.33.

Oceaneering International Price Performance

OII opened at $34.18 on Thursday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.99 and a quick ratio of 1.72. The firm has a market cap of $3.40 billion, a price-to-earnings ratio of 9.77 and a beta of 1.18. Oceaneering International has a 1 year low of $15.46 and a 1 year high of $39.00. The stock's 50 day simple moving average is $30.61 and its 200 day simple moving average is $26.43.

Oceaneering International (NYSE:OII - Get Free Report) last released its quarterly earnings results on Wednesday, February 18th. The oil and gas company reported $0.45 EPS for the quarter, beating analysts' consensus estimates of $0.44 by $0.01. The business had revenue of $668.57 million during the quarter, compared to analyst estimates of $678.16 million. Oceaneering International had a return on equity of 21.58% and a net margin of 12.71%.Oceaneering International's quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.37 EPS. As a group, analysts predict that Oceaneering International will post 1.78 earnings per share for the current year.

Insider Activity

In other news, Director Karen H. Beachy sold 9,800 shares of the business's stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $37.41, for a total transaction of $366,618.00. Following the completion of the sale, the director owned 22,816 shares in the company, valued at approximately $853,546.56. The trade was a 30.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Benjamin Laura sold 33,176 shares of Oceaneering International stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $37.51, for a total value of $1,244,431.76. Following the transaction, the chief operating officer directly owned 45,911 shares in the company, valued at approximately $1,722,121.61. This trade represents a 41.95% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 140,844 shares of company stock worth $4,972,594 over the last three months. Company insiders own 2.10% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of Oceaneering International by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 12,371,147 shares of the oil and gas company's stock worth $297,279,000 after buying an additional 187,707 shares in the last quarter. Brown Advisory Inc. lifted its stake in shares of Oceaneering International by 12.2% during the second quarter. Brown Advisory Inc. now owns 7,345,637 shares of the oil and gas company's stock worth $152,202,000 after purchasing an additional 799,718 shares in the last quarter. State Street Corp grew its holdings in Oceaneering International by 4.9% during the 4th quarter. State Street Corp now owns 4,647,252 shares of the oil and gas company's stock valued at $111,673,000 after purchasing an additional 215,366 shares in the last quarter. Morgan Stanley Institutional Investment Advisors LLC purchased a new stake in Oceaneering International during the 4th quarter worth approximately $94,847,000. Finally, American Century Companies Inc. grew its stake in Oceaneering International by 8.1% in the third quarter. American Century Companies Inc. now owns 3,642,873 shares of the oil and gas company's stock worth $90,270,000 after purchasing an additional 272,667 shares in the last quarter. Hedge funds and other institutional investors own 93.93% of the company's stock.

About Oceaneering International

Oceaneering International, Inc is a global provider of engineered services and products primarily to the offshore oil and gas industry, as well as to aerospace, defense, and commercial diving markets. The company specializes in remotely operated vehicles (ROVs), subsea intervention, and inspection services designed to support exploration, production and maintenance activities in challenging underwater environments. In addition to ROV operations, Oceaneering offers asset integrity solutions, specialized tooling, and intervention equipment for pipelines, risers, and flowlines.

Founded in 1964 and headquartered in Houston, Texas, Oceaneering has grown through both organic expansion and strategic acquisitions.

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